Business is unpredictable. Even the best companies are hit by unforeseen problems from time to time. While you might not be able to prepare for everything, there are steps you can take to reduce the risk of an unexpected issue leading to expensive (and time-consuming) disasters. It’s time to look into the top 10 risk management software solutions.
According to McKinsey, 70% of senior executives began implementing risk management software solutions in 2017. As the complexity of the digital tools we use each day continues to grow, it’s safe to say that risk management will become even more essential in the years to come.
But which tool should you be using?
That’s what we’re here to find out.
At first glance, it’s easy to disregard TimeCamp as a time management tool, rather than risk management software. However, the truth is that it can enhance the performance and outcomes of your business too. Though very simple in nature, TimeCamp offers risk assessment features with built-in software that helps companies to evaluate threats in a number of different areas. For instance, features include:
- Financial risk analysis: Be the first to know when you’re about to overstep on your project budget.
- Time management risk analysis: Track the performance of your teams according to upcoming deadlines and implement changes to prevent failure.
- Monitor outcome predictions: Use your time management strategy to determine whether you’re likely to reach your goals according to your deadlines.
Like TimeCamp, Reciprocity (previously ZenGRC) is a risk management tool that benefits from simplicity and ease-of-use. If you’re looking for something that will help you to assess and mitigate risks without the bells and whistles, this could be a good solution. You can even automate time-consuming processes to keep risk to a minimum. Features include:
- Real-time risk detection and reporting
- Automated alerts and messages to stakeholders
- Simple, comprehensive dashboard
- Regulatory and standards-based support for compliance tracking
An immersive and easy-to-use risk management tool, nTask makes even the most formidable risk mitigation strategies seem less daunting. The thing that really makes this tool stand out is how fully-featured it is. Whether you’re organising your tasks for better time management, or you’re tracking outcomes, nTask makes life a little easier. Features include:
- Easy visibility into threats along with actionable insights on how to fix them
- Assign different “risk severity” options to show your team how urgent a resolution is
- Self-generating matrix: The self-generating risk matrix shows you how probable it is that each threat will come to pass, based on current performance.
- Additional time management and project management features built-in
If your business thrives on comprehensive preparation and planning, then Resolver is a tool that you can’t do without. Used across a variety of industries, including banking, fitness, and health, it’s great for performing internal audits, checking for regulatory compliance, and managing risks at a multitude of levels. Features include:
- Quickly identify, analyse and manage crucial risks that may threaten the achievement of business objectives
- Conduct regular internal audits to ensure compliance in your industry.
- Keep up with the latest security standards with intelligent suggestions on how to improve performance.
- Response and recovery support with real-time data analytics
6. Optial Risk Manager
A solution designed to support companies in the most regulated industries, including finance, manufacturing, and health, Optial is a great way to identify and overcome risks quickly. Not only can you track potential threats with Optial, but you can also put strategies in place to prevent similar risks from happening in the future. Features include:
- Risk register strategies for identifying and mitigating future risks
- Reminders: Get automatic notifications that let you know when you need to check for threats.
- Comprehensive risk analysis: Find out how much each threat could cost your company in terms of lost productivity and revenue.
- Reporting: Share your risk findings with shareholders through a variety of reporting options.
The most impressive thing about the Audits.io risk management software from Plan Brothers is how customisable it is. You decide what kind of things you need to track to make sure that you’re getting the most out of your team, and business software and Audits.io will give you everything you need for comprehensive reporting. You can even create visual statistic spreadsheets. Features include:
- An immersive and customisable dashboard that you can use just as easily on your computer, mobile or tablet.
- Visual trend analysis: Find out what’s happening in your company with graphs and visual representations that show real-time statistics in action.
- Incident management support: Not only can you see the risks in your company but with Audits.io you can access automated corrective action suggestions.
- Project management built-in: Once you’ve finished eliminating risks, improve productivity in your team with a variety of on-the-go project management tools.
The SAS risk management software is designed on the back of the idea that different companies face their own unique series of threats. When you invest in SAS analytics, you get a risk management solution that’s custom-made to suit your needs. There’s even the option to choose whether you want to access the tool on the cloud, or on-site. Features include:
- Self-documenting data tracking: Keep track of your business performance with ease using an automated documenting strategy.
- Regulatory reporting: Designed to suit your industry, the end-to-end platform will create reports that help you to maintain compliance.
- Intuitive dashboard: Customize your dashboard and create reports for individual stakeholders based on their needs.
- Real-time performance tracking: See how well you’re doing with your remediation plans by tracking risk mitigation in real-time.
Cura offers some of the most popular risk management software in the industry, designed to help you measure the impact and probability of each threat that your company encounters. The great thing about Cura is that it doesn’t just show you the issues your business is facing, it also offers solutions that are tailored to your specific industry. Features include:
- Flexible risk identification: Track potential problems and compliance issues connected to your industry, then assign employees to eliminate the threat.
- Risk monitoring: Examine and monitor the risk remediation process, with real-time dashboards and reporting to help guide you towards your goals.
- Self-assessment: Performance internal audits and self-assessments to keep track of business growth.
- Risk reporting: Create highly configurable reports with flexible and immersive dashboards, then download your information in Excel spreadsheet, word doc, PDF, or email format.
An award-winning cloud-based platform for risk management, Qualys adopts the “Software as a Service” model to deliver vulnerability management and compliance support to companies around the world. Qualys goes beyond the solutions offered by many risk management tools on the market by providing a combination of vulnerability screening, PCI compliance, and malware detection in one simple app. Features include:
- Constant real-time monitoring: Always be aware of your organisation’s performance and detect potential malware within seconds.
- Vulnerability management: Determine how likely your business is to face threats and put security strategies into place.
- Policy compliance: Make sure that you’re up-to-date with all the regulatory requirements of your industry.
- Enhanced security: Protect yourself against threats, manage PCI compliance, and implement web application firewalls for extra peace of mind.
Widely regarded to be one of the best risk management solutions in the world, Integrum is a comprehensive tool designed to optimize and protect business performance. Trusted by blue-chips from virtually every industry, there are currently 1 million licensed users on Integrum today. This application both maintains internal governance and risk compliance while ensuring that you’re ready to grow your business. Features include:
- Mobility: Access your risk management system from anywhere with Android and iOS apps.
- Business optimization: Take your business to the next level with the built-in SMARTform system for effective workflow management.
- Risk management and compliance: All the functions you need for Quality, Safety, Health, Environment, and Sustainability compliance are built-in, along with ISO compliance.
- Business intelligence reporting: The world-class reporting system allows users to create graphical reports and dashboards to explore their risk strategy.